Friday, July 27, 2012

USDINR - Elliott Wave Analysis

4 hourly
We have been tracking the corrective wave (b) for some time now. It seems to be over. The last leg wave {c} of (b), topped around 56.41. The reason I am saying this is, the USDINR pair has come down, and taken out the top of wave 1 of {c} at 55.45. We know if it is a wave 4 it cannot go below the top of wave 1, and as it has happened, we can say that, this corrective pattern may be over, the least the prices can do now is to reach the low of wave {b} around 54.85 levels. If we break below this level too, then the correction will be deemed complete, and we will test even lower levels in wave (c) of [4]. Please refer the count on longer fractal on the daily chart below. I am looking for a bounce in 3 waves so that I can position myself for the most dynamic part of any impulse, the 3rd wave, wave {3} of (c) in this case.

Trade Elliott Wave